Norwegian Economy Contracts 0.6% In Q1

Norway's economy contracted 0.6% in the first quarter of this year due to restrictions to curb the spread of the omicron variant of coronavirus.

"Despite increased activity in February and March of 0.6% and 1%, respectively, GDP for Mainland Norway was 0.6% lower in the first quarter compared to the previous quarter due to the decline in December and January," the country's statistical office said on Friday.

Elevated oil and gas prices led to an increase of 5.6% in Norway's total GDP in January-March, measured in current prices and adjusted for seasonal variation. -